San Miguel Corp. reports 80% jump in net income to P52B for 2016
San Miguel Corp.’s net income soared by 80 percent to P52 billion in 2016, driven by higher revenues and better margins across its major businesses despite foreign exchange losses that amounted to P8.9 billion.
In a disclosure to the stock exchange, the company said San Miguel Brewery delivered a record performance last year, with revenues amounting to P97.2 billion, an 18-percent growth from a year ago. Net income from the brewery business amounted to P17.7 billion, 31 percent higher than in 2015.
Its liquor business, Ginebra San Miguel Inc., turned around its performance to report a net income of P361 million from a loss of P386 million in 2015, as it reported higher sales volumes for the third consecutive year.
Its food business, San Miguel Pure Foods. Co., reported a net income of P6 billion, 26 percent higher compared to the previous year, driven by robust sales volumes and favorable selling prices for chicken and its value added products.
Its packaging business reported a 10-percent increase in its operating income to P2.6 billion while its power business showed a 13-percent expansion in its operating income to P26.7 billion.
Petron Corp. reported a net income of P10.8 billion, 73 percent higher compared to 2015 and its infrastructure business reported a six-percent growth in its operating income to P9.8 billion.